Blockchain-Based New Business Models: A Systematic Review

Abstract

The role of blockchain in new business model development requires greater focus because the technology is still in its infancy. Thus, there has been little research on the effects of the various blockchain networks (such as public, private, and consortium). This finding prompted a thorough investigation of new blockchain-based business models created between 2012 and 2022 to close this gap. This review’s focus is on journals, and duplicate articles have been removed. Works based on interviews, articles in press, non-English articles, reviews, conferences, book chapters, dissertations, and monographs are also not included. Seventy-five papers from the past ten years are included in this evaluation. This study examines the current state of new blockchain-based business models. Additionally, the implications and applications in the related literature have been investigated. These findings highlight numerous open research questions and promising new directions for investigation, which will likely be helpful to academics and professionals. The business strategies built on blockchain are currently on a path with a rapid upward trajectory. Blockchain technology offers businesses numerous chances to modify and develop new company models. By changing the conventional framework, blockchain innovation leads to the development of new methods for developing company models. The supportive potential of blockchain technologies such as NFT and P2E is increasingly being coupled with the development of new corporate projects and the modification of current business models. Since this field of study is still fairly new, researchers will have fresh opportunities to analyze its characteristics.